**Charity registration number 276998 (England and Wales) Company registration number 01393436** 

## **WARE ARTS CENTRE LIMITED** 

# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025** 



## **WARE ARTS CENTRE LIMITED** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

**Trustees** John Davis Tina Goodman Sean Shaw Jan Wing John Wing Jocelyn Crook Trevor Mirams Stephen Burton **Secretary** Jan Wing **Charity number** 276998 **Company number** 01393436 **Registered office** Southern Maltings Kibes Lane Ware Hertfordshire SG12 7BS **Independent examiner** Gary Howard FCA Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE **Bankers** CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ 



## **WARE ARTS CENTRE LIMITED** 

## **CONTENTS** 

||**Page**|
|---|---|
|Trustees report|1 - 6|
|Independent examiner's report|7|
|Statement of financial activities|8 - 9|
|Balance sheet|10|
|Notes to the financial statements|11 - 22|





## **WARE ARTS CENTRE LIMITED** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

The Trustees present their annual report and financial statements for the period ended 31 March 2025. 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". 

## **Objectives and activities** 

The Southern Maltings is an artistic space dedicated to creating creative experiences that will enhance the health and well-being of the local and wider community. Through the provision of opportunities to learn, practice and experience creativity, we enable people of all ages and abilities to explore, experience and enjoy their own and other’s artistic achievements. 

The charitable company is established to promote, maintain, improve and advance public education particularly by the production of educational plays and the encouragement of the arts and crafts; including drama, mime, dance, singing, music, drawing, painting, graphics, printmaking, photography, ceramics, sculpture, carving and craft handiwork and to formulate, prepare and establish schemes therefore provided that all objects of the company shall be of a charitable nature. 

The Southern Maltings provide a vibrant, contemporary, inclusive, accessible and creative environment, offering studio, exhibition, performance, and social spaces for people of all ages and abilities in which to experiment and discover, to produce and display, to collaborate and celebrate, giving a heart and home for the wider creative community. We aim to be diverse in our activities and proactively inclusive. 

By giving the Southern Maltings a new purpose as an 'arts for all centre' we bring cultural, social, and economic benefits to the whole area by creating new employment possibilities and providing opportunities for people and organisations to contribute time, skills, and enthusiasm to the wellbeing of the community through volunteering. 

The objectives for the year under review were: 

To undertake necessary repairs and improvements to our Grade II Listed Building ensuring our staff, volunteers and users are safe and feel welcome. Improvements and projects this year have included: New flooring and openable windows in our upper function room; new Fire doors fitted for both security and Fire Safety; created a new doorway to allow extension of our café; redesign of our café to be able to support our hirers and events. 

To continue diverse programme of events, workshops for all ages and abilities widening the offer to new activities. To expand our activities to include local theatre, host a few young people theatre groups and increase opportunities for young people to use our centre or make new experiences through volunteering. 

To create a hub of skilled craft people and artists to deliver workshops and provide space for their work to be celebrated and displayed. During the year of report, we have initiated children and adult craft workshops and hosted Herts Visual Arts for the 4th time during the Autumn over 3 weeks. 

The main activities undertaken in relation to those objectives were: 

Room hires formed approximately 46% of income generation in 2024/25 with diverse groups from Poets, dance schools, singing, yoga and Pilates, alongside social gatherings though our Local Social Café attracting over 35 people weekly. 

- 1 - 



## **WARE ARTS CENTRE LIMITED** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **Community Activities** 

During the year we have continued to support local charities Always Bee You, Local Social and Herts Inclusive Theatre. 

- We partnered an initiative with YMCA to host free toddler play sessions on one morning each week. This has proven very popular with the local community. 

- We also continue to host Ware’s The Fun Palace (a free annual event that promotes community spirit, sharing experiences and teaching art and science activities) 

- We hosted the Hertfordshire Book Festival (another free event where the public can enjoy story time, writing workshops and author talks). 

- Southern Maltings was one of the venues for the 3rd Ware Film Festival, a community event sponsored by Ware Town Council in venues around the town.  Approximately 100 people attended to watch Wicked Little Letters. 

- Quarterly we host the Simon Balle school rock band night, where students perform to friends and family. This is always a well-attended event. 

- To celebrate Black History month and in collaboration with Learning through the Arts, we held a free creative writing workshop, 5 workshops for primary schools, and a month-long exhibition centred around the Windrush migration.  This received some very positive feedback. 

- We also held our first art exhibition.  Working with NHS Art therapists, who exhibited their work.  The preview evening was attended by over 60 people and allowed us to showcase our building as both an exhibition space as well as a central location from which therapists can work.  This event led to several enquiries regarding art exhibitions which we will be exploring in the coming year. 

- In January 2025 using a grant for Sovereign Network Group we launched SMYLE (Southern Maltings Youth Led Entertainment).  This was a direct reaction to a lack of safe and appropriate entertainment for the local teenage population.  Our first event was a silent disco and we had bookings for 120 attendees. Although still in its infancy we expect this programme to grow in popularity and be led by the youth attending.  We have had feedback requesting a teenage rave and a film night, we will be exploring these in the coming year. 

- Our final Community event of the year was Ware’s the Community.  This event brought together many local charitable and community organisations and enabled them to both network with each other and showcase themselves to the public. The event drew almost 300 people into the building and was very successful. 

## **Charitable activities – income generation** 

A big part of our income generation comes from events.  During this past year we have held several different musical events as well as theatre productions and a Christmas Experience. 

## Music: 

Regular monthly events include Sunday Afternoon Jazz, Monday Guitar Club, Acoustic Night, and our afternoon tea dance.  The jazz has now built up a strong reputation and regularly draws a crowd of more than 100. 

In addition to our regular events, we hosted a small number of cover artists :- Moonage (David Bowie), Amy Winehouse and Abba.  We took part in Independent Venue week where local bands performed, and we had a sold out Soul Night.  We have hosted folk, rock, blues, jazz, soul and pop bands.  In the summer we held a free music and comedy ‘fringe’ event as part of Ware Festival to coincide and complement a larger event in the town centre, a very successful Eurovision evening is now an annual event. 

## Spoken Word: 

From a monthly comedy night to a moving one-man performance of The Rime of the Ancient Mariner, to Shakespearian comedy, Oscar Wilde and Charles Dickens our spoken word offering is expanding, and we hope to include more in the coming year, including some original works.  In recent months we have entered into a collaboration with a long time hirer – Ware Poets who host a monthly event which includes an open mic and a guest poet reading with Q&A.  Our collaboration has moved them into the downstairs function space where we are providing a pop-up bar for refreshments.  The events are advertised and booked via our website, so they take advantage of our media reach, and we gain another artistic event. 

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## **WARE ARTS CENTRE LIMITED** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## Markets: 

During the last year, we held a Children’s celebration day with a children’s enterprise market, an art and craft market selling locally made items, a sustainable event with eco-friendly items for sale, two Christmas gift markets and a health and wellbeing weekend.  Each of these combined a market selling goods appropriate to the event, as well as activities (from trying an art class and upcycling items to experiencing reiki, massage, and exercise classes). 

## Classes and Workshops: 

During the year we expanded our range of children’s holiday workshops, introduced an after-school art club and a pre-school mini-masterclass giving littles ones a gentle introduction to the curriculum. 

Many more adult art classes were also offered during this time.  We have nurtured and built relationships with several tutors, enabling us to offer a wide variety of classes.  These included sketching, painting, needle felting, wet-felting, wicker weaving, floristry, zentangle, metal embossing and macrame. 

## **Statement on compliance with Charity Commission guidance on public benefit** 

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake. The Board is currently working to widen the skills of the Board, and creating a Strategy for recruitment, engagement and training our volunteers, now numbering approx. 50+. We are now into our 9[th] year of operating the new building we are working on succession planning and recruiting additional skills for the board. 

## **Strategic report** 

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report. 

## **Achievements and performance** 

## **Charitable achievements** 

Our investment in our building and creating events to support wellbeing and health, working with community groups supporting dementia sufferers and young people with learning difficulties and disabilities have increased and this year we have been pleased to work with an Inclusive Theatre Group. 

Our programme has reflected the need for an emphasis on wellbeing, including delivery of a Wellbeing Festival, where attendees could try tasters of different treatments and exercise classes as well as attend talks on current topics. The event was incredibly popular, and planning is underway for this to become an annual event. During this period have partnered with other local groups to support our community, holding community events including hosting a local Housing Group to hold a conference to consult the community on how it best supports residents and community groups. 

Our activities are only possible through the generosity of our volunteers who give their time to support all our many events. We now have over 50 regular volunteers who regularly help us and we have appointed one of our trustees to oversee our Volunteer Strategy. 

Our partnership with Ware town council to introduce events in the town centre involving local producers and crafts as part of the town centre strategy to regenerate the High Street and encourage people to come out and enjoy something local continues to develop. We are pleased that our local businesses support this venture by taking stalls alongside our local councilors and neighbourhood police. 

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## **WARE ARTS CENTRE LIMITED** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **Fundraising achievements** 

Our fundraising is generated via our events and volunteering plus we are members of the Local Authority “lottery” which raises 50% from each ticket formed. All our fundraising is reinvested in our building maintenance and development of activities for the Community. We also have a talented group who assist us in keeping our building attractive and welcoming through work sessions. We also host “Volunteer days” when local companies spend a day with us undertaking a variety of tasks. 

We were also fortunate that one of our Trustees, John Wing, has published a History of the Southern Maltings. The book was launched at a Maltmaker Supper and raised over £500 for the charity. 

## **Financial review** 

The income for the 13 month period was £333,248 an increase of £97,958 on the previous period (£235,290). Major capital works on the building were started during the period following approval of Listed Building and Planning consent for our plans. 

The expenditure for the period was £327,497, an increase of £98,662 on the previous period (£228,835). 

At the year end the charity's unrestricted reserves stood at £202,510, an increase of £15,282 on the previous year. Of this, £107,785 has been designated as contingency funds and for specific ongoing projects. In addition, the charity had restricted reserves of £34,433, these being funds with restrictions on use for particular projects. 

## **Reserves policy** 

The Trustees have assessed that we should maintain reserves of £75,000 being the estimated amount needed to ensure the Southern Maltings project can continue should a major issue be encountered as it would cover the fixed costs and maintenance costs needed to stay solvent. 

At 31 March 2025 our reserves were in excess of £75,000. The additional funds are required to complete projects not yet finished and additional works required by the conservation officer 

## **Principal sources of income** 

There were three principal sources of income in the year: 

Room hire for local community groups. 

Events run by volunteers as paid performances. 

Grants to assist with projects to trial community activities or for expanding the offer of creative workshops and cultural activities. 

## **Investment policy** 

Our cash reserves are the only form of investment we have. We currently earn low rates of interest on this. We have reviewed our banking arrangements and deposited an amount to spread risk. 

## **Risk review** 

The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. 

- 4 - 



## **WARE ARTS CENTRE LIMITED** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **Plans for future periods** 

The organisation is currently working on a 3-year business plan focusing on our Cultural Strategy feeding our Cultural Programme and aligning our Resource Plan, Building development and Communication plans for the Charity.  The organisation has embarked on the first phase of our building development alongside undertaking significant repairs and renewals to certain areas. 

- We obtained necessary Planning consents and Listed Building consents for all adaptations of the building needed to support the Cultural Programme 

   - Replaced uneven flooring with hard wearing coverings, replaced 2 Fire doors 

   - Phase 1 of building development initiated by creating an extended café space and kitchen which can support a fuller offering. We plan to launch our Community Smart Café in September 2025 

   - Gradually replacing outdated lighting to LED lighting and reviewing ways to make our building more sustainable. 

We are now able to offer a wide range of activities for adults and children in a variety of workshops, more theatre and have developed links to local writers. 

Continue to develop our café and bar to support the events and bring the community in. 

## **Structure, governance and management** 

The Charitable Company was incorporated as a Company Limited by Guarantee on 10 October 1978 and as such has no share capital. 

The Company was registered as a Charity on 21 March 1979 by the Charity Commission for England and Wales. 

None of the Trustees has any beneficial interest in the company.  The Trustees who are also the Members of the charitable company have undertaken to contribute a sum not exceeding £1 in the event of winding up. 

The Trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were: 

John Davis Tina Goodman Darrell Hegerty (Resigned 1 March 2024) Sean Shaw Mark Wilkinson (Resigned 24 June 2024) Jan Wing John Wing Jocelyn Crook (Appointed 12 April 2024) Trevor Mirams (Appointed 12 April 2024) Stephen Burton (Appointed 24 June 2024) 

We advertise for Trustees and look for skills to support our Charity. Prospective Trustees are interviewed and attend a board meeting prior to joining. We are an equal opportunity organisation. We have currently 2 new Trustees/Directors and 1 co-opted member who will join the board at our annual meeting. We aim to recruit up to 3 additional trustees in the near future. 

## **Organisational structure** 

The organisational structure is a Board of eight Trustees who meet quarterly and operate through subcommittees to oversee procedures and planning. 

- 5 - 



## **WARE ARTS CENTRE LIMITED** 

## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **Induction and training of Trustees** 

The Board of Trustees is currently undertaking training through our Hertfordshire Community Foundation series of workshops including Carbon Awareness training in October 2025. During the period of report, trustees attended Fire Safety and Safeguarding courses. The induction training will be refreshed for new Trustees joining the Board. 

Induction is through a short meeting with senior Trustees at present, but this is now planned to be using a skills analysis and to ensure we have the right skills needed for the organisation. We propose to advertise to widen our reach. We have also some special advisors on matters of property and HR issues. 

## **Relationship with the wider network** 

We are actively involved with local groups in the town and work closely with many local groups who have adopted our building as their home. We also partner with Ware Museum and Ware Town Council. 

## **Relationships with related parties** 

East Herts Council is currently our landlord and Ware Town Council is currently negotiating a 99 year lease to transfer the building and protect its use as a Community Arts Centre. we have regular review meetings with both East Herts and Ware Town Council on our progress and have received local grants from Ware Town Council and East Herts Community Grants Scheme. 

## **Statement of Trustees responsibilities** 

The Trustees, who are also the directors of Ware Arts Centre Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 

In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent;  and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees report was approved by the Board of Trustees. 

**Tina Goodman** Trustees Dated: 16 July 2025 

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## **WARE ARTS CENTRE LIMITED** 

## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WARE ARTS CENTRE LIMITED** 

I report to the  Trustees on my examination of the financial statements of Ware Arts Centre Limited (the charitable company) for the period ended 31 March 2025. 

## **Responsibilities and basis of report** 

As the Trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. 

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. 

## **Independent examiner's statement** 

Since the charitable company’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- 1 accounting records were not kept in respect of the charitable company as required by section 386 of the Companies Act 2006. 

- 2 the financial statements do not accord with those records; or 

- 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or 

- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. 


## **Gary Howard FCA** 

Howard Wilson Chartered Accountants 36 Crown Rise Watford Hertfordshire WD25 0NE 17 July 2025 

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## **WARE ARTS CENTRE LIMITED** 

## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

|**Current 13 month financial period**<br>**Unrestricted**<br>**Restricted**<br>(Comparative 12 month period)<br>**funds**<br>**funds**<br>**2025**<br>**2025**<br>**Notes**<br>**£**<br>**£**<br>**Income from:**<br>Donations and legacies<br>**3**<br>5,781<br>1,028<br>Charitable activities<br>**4**<br>245,665<br>74,550<br>Investments<br>**5**<br>6,224<br>-<br>**Total income**<br>257,670<br>75,578<br>**Expenditure on:**<br>Raising funds<br>**6**<br>92,047<br>3,777<br>Charitable activities<br>**7**<br>182,791<br>48,882<br>**Total expenditure**<br>274,838<br>52,659<br>**Net income/(expenditure)**<br>(17,168)<br>22,919<br>Transfers between funds<br>32,450<br>(32,450)<br>**Net movement in funds**<br>**8**<br>15,282<br>(9,531)<br>**Reconciliation of funds:**<br>Fund balances at 1 March 2024<br>187,228<br>43,964<br>**Fund balances at 31 March 2025**<br>202,510<br>34,433|**Total**<br>**2025**<br>**£**<br>6,809<br>320,215<br>6,224<br>333,248<br>95,824<br>231,673<br>327,497<br>5,751<br>-<br>5,751<br>231,192<br>236,943|**Total**<br>**2024**<br>**£**<br>4,880<br>226,935<br>3,475|
|---|---|---|
|||235,290|
|||69,469<br>159,366|
|||228,835|
|||6,455<br>-|
|||6,455<br>224,737|
|||231,192|



The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities. 

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## **WARE ARTS CENTRE LIMITED** 

## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

|**Prior 12 month period**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**Notes**<br>**£**<br>**£**<br>**Income from:**<br>Donations and legacies<br>**3**<br>4,380<br>500<br>Charitable activities<br>**4**<br>209,760<br>17,175<br>Investments<br>**5**<br>3,475<br>-<br>**Total income**<br>217,615<br>17,675<br>**Expenditure on:**<br>Raising funds<br>**6**<br>66,528<br>2,941<br>Charitable activities<br>**7**<br>147,602<br>11,764<br>**Total expenditure**<br>214,130<br>14,705<br>**Net income and movement in funds**<br>3,485<br>2,970<br>**Reconciliation of funds:**<br>Fund balances at 1 March 2023<br>183,743<br>40,994<br>**Fund balances at 29 February 2024**<br>187,228<br>43,964|**Total**<br>**2024**<br>**£**<br>4,880<br>226,935<br>3,475|
|---|---|
||235,290|
||69,469<br>159,366|
||228,835|
||6,455<br>224,737|
||231,192|



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## **WARE ARTS CENTRE LIMITED** 

## **BALANCE SHEET** 

## _**AS AT 31 MARCH 2025**_ 

|**Notes**<br>**Fixed assets**<br>Tangible assets<br>**12**<br>**Current assets**<br>Stocks<br>**13**<br>Debtors<br>**14**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within**<br>**one year**<br>**15**<br>Net current assets<br>**Total assets less current liabilities**<br>**Creditors: amounts falling due after**<br>**more than one year**<br>**16**<br>**Net assets**<br>**Income funds**<br>Restricted funds<br>**17**<br>Unrestricted funds<br>Designated funds<br>**19**<br>General unrestricted funds|**31 March 2025**<br>**£**<br>**£**<br>56,686<br>5,890<br>19,355<br>180,099<br>205,344<br>(25,087)<br>180,257<br>236,943<br>-<br>236,943<br>34,433<br>105,785<br>96,725<br>202,510<br>236,943|**29 February 2024**<br>**£**<br>**£**<br>14,007<br>2,947<br>23,770<br>237,537<br>264,254<br>(36,315)<br>227,939<br>241,946<br>(10,754)<br>231,192<br>43,964<br>130,000<br>57,228<br>187,228<br>231,192|
|---|---|---|



The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 March 2025. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476. 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 

The financial statements were approved by the Trustees on 16 July 2025 

## Janice I Wing 

Tina Goodman Jan Wing **Trustee Trustee** 

**Company Registration No. 01393436** 

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## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **1 Accounting policies** 

## **Charity information** 

Ware Arts Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Southern Maltings, Kibes Lane, Ware, Hertfordshire, SG12 7BS. 

## **1.1 Accounting convention** 

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association,  the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102. 

The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. 

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £. 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 

The charity has moved its accounting period end during the current period to 31 March from 28 February with the result that the current period figures for income and expenditure are for a 13 month period whereas the comparative figures are for a 12 month period.  The change in year end brings the charity's period end in line with funding bodies and other reporting period ends. 

## **1.2 Going concern** 

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **1.3 Charitable funds** 

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. 

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company. 

## **1.4 Income** 

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

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## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **1 Accounting policies** 

## **(Continued)** 

## **1.5 Expenditure** 

Resources expended are included in the Statement of Financial Activities on an accruals basis. 

Support costs are allocated on the basis of time spent on each activity. 

## **1.6 Tangible fixed assets** 

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. 

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: 

Leasehold improvements over 10 years Plant and equipment over 4 years 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 

## **1.7 Impairment of fixed assets** 

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 

## **1.8 Stocks** 

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. 

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 

## **1.9 Cash and cash equivalents** 

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 

## **1.10 Financial instruments** 

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

- 12 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **1 Accounting policies** 

## **(Continued)** 

## _**Basic financial assets**_ 

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 

## _**Basic financial liabilities**_ 

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

## _**Derecognition of financial liabilities**_ 

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled. 

## **1.11 Employee benefits** 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. 

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 

## **2 Critical accounting estimates and judgements** 

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

## **3 Income from donations and legacies** 

||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**||**funds**|**funds**||
||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Donations and gifts|5,781|1,028|6,809|4,380|500|4,880|



- 13 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **4 Charitable activities** 

||**Arts Centre**|**Arts Centre**|
|---|---|---|
||**Operation**|**Operation**|
||**2025**|**2024**|
||**£**|**£**|
|Performance related grants|70,353|12,372|
|Events income|166,084|141,926|
|Hire income|83,778|72,637|
||320,215|226,935|
|Analysis by fund|||
|Unrestricted funds|245,665|209,760|
|Restricted funds|74,550|17,175|
||320,215|226,935|
|**Performance related grants**|||
|East Herts Council|3,953|-|
|Hertfordshire Community Foundation|-|2,000|
|Ware Town Council|56,750|9,000|
|Hertfordshire County Council|900|1,350|
|Sovereign Network Group|8,500|-|
|Actionfunder|250|-|
|Other|-|22|
||70,353|12,372|



## **5 Income from investments** 

||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Interest receivable|6,224|3,475|



- 14 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **6 Raising funds** 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2025**<br>**2025**<br>**£**<br>**£**<br>Fundraising and publicity<br>Marketing and<br>advertising<br>8,875<br>-<br>Events costs<br>55,301<br>3,527<br>Fundraising and publicity<br>64,176<br>3,527<br>Trading costs<br>Other trading activities<br>27,871<br>250<br>92,047<br>3,777|**Total**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>**2025**<br>2024<br>2024<br>**£**<br>£<br>£<br>8,875<br>5,152<br>71<br>58,828<br>36,312<br>2,520<br>67,703<br>41,464<br>2,591<br>28,121<br>25,064<br>350<br>95,824<br>66,528<br>2,941|Total<br>2024<br>£<br>5,223<br>38,832|
|---|---|---|
|||44,055|
|||25,414|
|||69,469|



## **7 Expenditure on charitable activities** 

||**Arts Centre**|**Arts Centre**|
|---|---|---|
||**Operation**|**Operation**|
||**2025**|**2024**|
||**£**|**£**|
|**Direct costs**|||
|Staff costs|71,053|45,720|
|Depreciation and impairment|11,431|5,976|
|Premises costs|61,357|53,373|
|Insurance costs|4,705|2,919|
|Repairs and maintenance costs|18,784|24,415|
|Office costs|1,874|344|
|Computer costs|-|749|
|Travel and subsistence costs|672|446|
|General expenses|3,163|1,396|
|Professional fees|36,549|18,322|
|Interest paid|-|28|
|Irrecoverable VAT|17,244|3,938|
|Governance costs|2,040|1,740|
|Development costs|2,801|-|
||231,673|159,366|
|**Analysis by fund**|||
|Unrestricted funds|182,791|147,602|
|Restricted funds|48,882|11,764|
||231,673|159,366|



- 15 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

|**8**|**Net movement in funds**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the independent examination of the charity's financial|||
||statements|2,040|1,740|
||Depreciation of owned tangible fixed assets|11,431|5,976|



## **9 Trustees** 

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the period. 

During the year expenses were reimbursed to 3 (2024: 6) Trustees for event, premises, office and fixed asset costs totalling £1,725 (2024: £10,747). 

## **10 Employees** 

## **Number of employees** 

The average monthly number of employees during the period (including Directors/Trustees) was: 

||**2025**|**2024**|
|---|---|---|
||**Number**|**Number**|
|Directors/Trustees|8|8|
|Charity staff|4|4|
||12|12|
|**Employment costs**|**2025**|**2024**|
||**£**|**£**|
|Wages and salaries|71,053|45,720|



The charity's staff are employed by Community Alliance Broxbourne and East Herts on its behalf and are reimbursed by Ware Arts Centre. 

There were no employees whose annual remuneration was £60,000 or more. 

## **11 Taxation** 

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 

- 16 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

|**12**<br>**Tangible fixed assets**<br>**Leasehold**<br>**improvements**<br>**Plant and**<br>**equipment**<br>**£**<br>**£**<br>**Cost**<br>At 1 March 2024<br>29,436<br>32,090<br>Additions<br>52,586<br>1,524<br>At 31 March 2025<br>82,022<br>33,614<br>**Depreciation and impairment**<br>At 1 March 2024<br>21,436<br>26,083<br>Depreciation charged in the period<br>7,386<br>4,045<br>At 31 March 2025<br>28,822<br>30,128<br>**Carrying amount**<br>At 31 March 2025<br>53,200<br>3,486<br>At 29 February 2024<br>8,000<br>6,007<br>**13**<br>**Stocks**<br>**2025**<br>**£**<br>Finished goods and goods for resale<br>5,890<br>**14**<br>**Debtors**<br>**2025**<br>**Amounts falling due within one year:**<br>**£**<br>Trade debtors<br>3,202<br>Other debtors<br>1,540<br>Prepayments and accrued income<br>14,613<br>19,355<br>**15**<br>**Creditors: amounts falling due within one year**<br>**2025**<br>**£**<br>Loan<br>11,921<br>Other taxation and social security<br>-<br>Other creditors<br>1,195<br>Accruals and deferred income<br>11,971<br>25,087|**Total**<br>**£**<br>61,526<br>54,110|
|---|---|
||115,636|
||47,519<br>11,431|
||58,950|
||56,686|
||14,007|
||**2024**<br>**£**<br>2,947|
||**2024**<br>**£**<br>3,988<br>3,423<br>16,359|
||23,770|
||**2024**<br>**£**<br>12,000<br>1,585<br>3,800<br>18,930|
||36,315|



- 17 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **16 Creditors: amounts falling due after more than one year** 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Loan|-|10,754|



The loan is from East Herts Council and is in respect of building works at the Centre which were paid for by the Council on the charity's behalf.  The loan is due to be repaid over a three year period in equal instalments commencing January 2023. 

- 18 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **17 Restricted funds** 

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. 

|||**Movement in funds**|**Movement in funds**||**Movement in funds**|**Movement in funds**||||
|---|---|---|---|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Resources**|**Balance at**|**Incoming**|**Resources**|**Transfers**||**Balance at**|
||**1 March 2023**|**resources**|**expended**|**1 March 2024**|**resources**|**expended**||**31**|**March 2025**|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**||**£**|
|Culture Recovery Fund for Heritage|14,092|-|-|14,092|-|-|(14,092)||-|
|Culture Recovery Fund for Heritage - Sustainability|18,500|-|-|18,500|-|-|(18,500)||-|
|Early Years Grants|-|1,500|(995)|505|4,400|(6,897)|1,992||-|
|East Herts Community|-|-|-|-|3,000|(1,008)|(1,992)||-|
|Ware In Bloom Garden Projects|-|-|-|-|1,278|(272)|-||1,006|
|Ware Town Council Resources|-|-|-|-|50,000|(40,000)|-||10,000|
|Covid Recovery|2,075|-|-|2,075|-|(2,127)|52||-|
|SMYLE project|-|-|-|-|5,000|(570)|-||4,430|
|Workshops|1,848|-|(493)|1,355|-|(250)|-||1,105|
|Warm Space Grant|1,589|2,500|(3,023)|1,066|-|(1,156)|90||-|
|Sound and Light Fund|2,137|100|(666)|1,571|-|(252)|-||1,319|
|Tudor Square Markets|753|12,975|(8,928)|4,800|11,900|(127)|-||16,573|
|Coronation Event Fund|-|600|(600)|-|-|-|-||-|
||40,994|17,675|(14,705)|43,964|75,578|(52,659)|(32,450)||34,433|



Culture Recovery Fund for Heritage was a grant to enable us to recover after the extended period of closure, protect our heritage and employ staff.  From the remaining balance have transferred an amount of £18,500 to our building development fund to match expenditure on development of the Maltings building.  We have also transferred £14,092 to our Kitchen Start Up Fund to cover expenditure on development of the Maltings café. 

Early Years Grants was funding towards the Mini Maltings masterclasses programme and Stay and Play/Craft Cafés. 

East Herts Community was funding from East Herts Council to fund room hire, refreshments at events and staffing within the charity. Ware In Bloom Garden Projects is funding for planting in Ware. 

- 19 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **17 Restricted funds** 

**(Continued)** 

Ware Town Council Resources is a grant to cover personnel costs. 

Covid Recovery is a grant for volunteer training and delivery of volunteer strategy. 

SMYLE (Southern Maltings Youth Led Events) is funding for accessible, local, and safe social spaces for teens in Ware. Our youth-led initiative is designed to offer exciting activities and events that cater to the interests of young people, giving them a place to connect, learn, and have fun without needing to leave town. 

Workshops includes funding from Ware Town Council to subsidise trial workshops to keep them affordable. 

Warm Space Grant was funding from Hertfordshire Community Foundation to provide a warm and welcoming space during the winter months. 

Sound and Light Fund is funding from Hertfordshire County Council and Maverick Advertising to maintain sound and lighting equipment. 

Tudor Square Markets is funding from Ware Town Council to put on markets. 

Coronation Event Fund was funding towards an event to celebrate the coronation. 

- 20 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

## **18 Analysis of net assets between funds** 

|**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2025**<br>**2025**<br>**£**<br>**£**<br>**At 31 March 2025:**<br>Tangible assets<br>56,686<br>-<br>Current assets/(liabilities)<br>145,824<br>34,433<br>202,510<br>34,433<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**At 29 February 2024:**<br>Tangible assets<br>14,007<br>-<br>Current assets/(liabilities)<br>183,975<br>43,964<br>Long term liabilities<br>(10,754)<br>-<br>187,228<br>43,964|**Total**<br>**2025**<br>**£**<br>56,686<br>180,257<br>236,943<br>**Total**<br>**2024**<br>**£**<br>14,007<br>227,939<br>(10,754)<br>231,192|
|---|---|



## **19 Unrestricted funds** 

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. 

|**At**<br>Essential Building Works Fund<br>Building Development Fund<br>Kitchen Start Up Fund<br>General funds|**1 March**<br>**2024**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Transfers**<br>**At 31 March**<br>**2025**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>55,000<br>-<br>(34,729)<br>-<br>20,271<br>75,000<br>-<br>(23,113)<br>19,535<br>71,422<br>-<br>-<br>-<br>14,092<br>14,092<br>57,228<br>257,670<br>(216,996)<br>(1,177)<br>96,725<br>187,228<br>257,670<br>(274,838)<br>32,450<br>202,510|
|---|---|



- 21 - 



## **WARE ARTS CENTRE LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 31 MARCH 2025**_ 

|**19**<br>**Unrestricted funds**<br>**Previous Year:**<br>**At**<br>Protect Arts Centre Fund<br>Essential Building Works Fund<br>Rental Reserve<br>Building Development Fund<br>General funds|**(Continued)**<br>**1 March**<br>**2023**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Transfers**<br>**At 29**<br>**February 2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>30,000<br>-<br>-<br>(30,000)<br>-<br>37,000<br>-<br>(12,286)<br>30,286<br>55,000<br>6,250<br>-<br>-<br>(6,250)<br>-<br>-<br>-<br>-<br>75,000<br>75,000<br>110,493<br>217,615<br>(201,844)<br>(69,036)<br>57,228<br>183,743<br>217,615<br>(214,130)<br>-<br>187,228|
|---|---|



Protect Arts Centre Fund is the core level of reserves that the Trustees consider would be required to enable the Southern Maltings project to continue should a major issue be encountered.  This has been consolidated into the Essential Building Works Fund. 

Essential Building Works Fund is to urgently address issues that are waiting planning consents. 

Grain Store Repair Fund related to a specific project. 

Rental reserve is to provide a contingency against rental negotiations failing. 

Building Development Fund is to carry out a major plan of redesign and modifications to the building. 

Kitchen Start Up was funds to help fund kitchen works at Southern Maltings. 

## **20 Related party transactions** 

There were no disclosable related party transactions during the period (2024 - none). 

- 22 -